Business
Real Estate GDP Contribution Surges To N41.3tn
The real estate sector’s valuation and contribution to Gross Domestic Product (GDP) has climbed to N41.3tn, highlighting its rising contribution to the nation’s economy, according to data from the National Bureau of Statistics (NBS).
This contribution of Nigeria’s real estate sector to the economy surged to N41.3tn in 2024, making it the country’s third-largest economic sector, behind only trade and crop production.
Latest rebased Gross Domestic Product figures released by the NBS shows a significant upward revision of the sector’s economic value.
According to the data, before the rebasing, the sector was valued at N10.5tn in 2023. With improved methodologies and updated data capturing, the figure was revised to N30.7tn for the same year, representing a N20.2tn jump.
It further climbed to N41.3tn in 2024, underscoring the rapid expansion and growing influence of real estate in Nigeria’s economic structure.
The new data positions the real estate sector ahead of telecommunications (N23tn), construction (N13.8tn), and crude petroleum & natural gas (N13.1tn) as of 2023, highlighting its rising dominance in the non-oil economy.
According to NBS, the surge in value is driven by better valuation of assets and increased formalisation of property-related services such as rentals, broking, and land valuation, as well as the effects of rapid urbanisation across the country.
This development has received commendation from stakeholders of the real estate environment.
A real estate consultant, Jimi Peter, in reacting to this devepment, noted that the recent rebasing, which pushed Nigeria’s real estate sector GDP contribution to N41.3 trn should have been captured before now.
“This rebasing should have been captured long before now. However, as is often the case with rebasing exercises, for the data to be accurate and reliable, it requires time and a thorough consideration of multiple factors.
“If you look at the real estate industry in Nigeria, it’s clear that the sector comprises numerous value chains. It generates employment at virtually every level. Before a house can even be built, land must be acquired, usually from an individual or family.
“Then, professionals such as architects are engaged to produce designs, followed by structural engineers who supervise the integrity of the building process. These engineers in turn employ builders, plumbers, electricians, and various artisans, all of whom play integral roles.
“After construction, if you are a developer intending to sell, brokers and real estate agents, also known as realtors, become involved in marketing and selling the property.
“Once the sale is made, the new owner may choose to hold the property, resell it, or rent it out, again generating income for letting agents or facility managers.
“At every stage, someone is earning. In Nigeria, there’s a strong cultural value attached to land and homeownership. Owning property is widely seen as a benchmark of financial stability and success.
“Unlike in some advanced countries, where even wealthy individuals might choose to live in rented apartments, here in Nigeria, owning a home is almost a necessity. It’s a social marker. So, as long as people can afford to build or buy, they will pursue it”, he said.
By: Corlins Walter
Continue Reading
Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.
The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.
This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.
In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.
According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.
Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.
The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.
“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.
The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.
The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.
The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.
Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.
Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.
Enoch Epelle
Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.
Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.
The exercise is expected to reach more than 60,000 regular undergraduate students.
Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.
He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.
According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.
He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.
The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.
Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.
Nkpemenyie Mcdominic, Lagos
The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.
The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.
At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.
Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.
According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).
“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.
He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.
To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.
On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.
He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.
He expressed confidence that the renewal would be concluded soon.
Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.
“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said
Nkpemenyie Mcdominic, Lagos
-
News1 day agoFamily Seeks Police Help As Woman Goes Missing After Fleeing Female Circumcision Threat
-
News1 day agoNigeria Hosts World Public Relations Forum Sept …As Experts Seek Inclusion Of PR In Decision Making
-
News1 day agoUphold Principles Of Dev, Rivers SSG Charges Tertiary Institutions
-
News1 day agoTinubu, Fubara Condole Amaechi Over Mother’s Death
-
News2 days agoSpain Are World Champions ….. End Argentina, Messi’s Dreams
-
News1 day agoRivers NUJ Seeks Recruitment Into State Media Houses …Urges Govt To Reposition Public Service
-
News1 day agoBadejo-Okusanya Emerges 33rd NBA President …Says We’ll Build NBA Where Lawyers Live Better